Another dog for Softbank as it sells Wag stake back to company December 10, 2019 Japanese investment giant Softbank has been left with its tail between its legs after selling its stake in Wag back to the dog-walking startup, capping off a disappointing year for its $97bn Vision Fund. Softbank has agreed to sell its almost 50 per cent stake in the company and will no longer have representation on [...]
Why Klarna — not Revolut or Monzo — represents the winning fintech strategy in a pandemic October 2, 2020 Last month, a new funding round gave buy-now-pay-later (BNPL) fintech Klarna a headline valuation of $10.65bn. At a stroke, Klarna became the most valuable fintech in Europe – more than double the value of Revolut and almost 10 times more than Monzo. Why, in the middle of a pandemic, has Klarna inspired such investor confidence? [...]
Wework bags $3bn in additional funding from Softbank November 13, 2018 Flexible workspace provider Wework has secured an additional $3bn (£2.3bn) in funding from Softbank, as it pushes ahead with its global expansion plans despite continuing to report losses across the board. The new funding builds on the $1bn that Wework received from the Japanese mega-investor in the form of a convertible bond earlier this year. Today's investment will be granted [...]
Coronavirus jeopardises Airbnb stock market listing March 2, 2020 Airbnb’s much-anticipated float could be in danger following the outbreak of the rapidly spreading coronavirus. Airbnb has been working towards floating on the stock market this year and was looking to start the process in March or April, according to Bloomberg sources. It could now be pushed back as consumers and businesses cancel travel plans [...]
Softbank boss Masayoshi Son ‘embarrassed’ by track record October 7, 2019 Softbank chief executive Masayoshi Son has admitted that he is “embarrassed and flustered” by his track record at the Japanese conglomerate. Read more: Softbank’s second fund hit by failed Wework listing In an interview with local media, Son said he felt that his accomplishments at Softbank had not yet lived up to his goals. “When [...]
Second Home co-founder to step down after US costs overrun December 10, 2019 The co-founder of shared office start-up Second Home is stepping down after costs over ran at the company’s first US site in Hollywood. Sam Aldenton, who established the business in 2014 with Rohan Silva – a former advisor to David Cameron – is leaving the firm, Sky News reported. Read more: The big business invasion [...]
Prince Andrew’s former private secretary quits troubled Pitch@Palace April 7, 2020 The Duke of York’s former private secretary is said to have quit her role as chief executive of his embattled Pitch@Palace initiative. Amanda Thirsk, who served as Prince Andrew’s aide for 15 years, has resigned to take up an undisclosed role in the private sector, Sky News reported. It comes as the initiative, which offers [...]
Debate: With its valuation in question, is WeWork’s IPO really a good idea? September 10, 2019 With its valuation in question, is WeWork’s IPO really a good idea? Yes – Andrew Boyle is founder and chief executive of LGB & Co. WeWork’s objectives of establishing a dominant market position and global brand demand substantial funding, so an IPO makes sense from the firm’s perspective. For investors, it offers a chance to [...]
Softbank ramps up investment in finance firm Greensill as it swoops on payday lending October 28, 2019 Softbank has injected a further $655m (£511m) into Greensill as the online finance firm announced a fresh acquisition that could kill off payday lenders. Greensill, which was set up by former Morgan Stanley banker Lex Grensill, has acquired Freeup, a London tech startup designed to offer employees early payment of their salaries. Read more: Softbank [...]
Airbnb set to swing to a loss ahead of 2020 market debut February 11, 2020 Holiday letting platform Airbnb reportedly swung to a loss last year, raising concerns ahead of its planned initial public offering (IPO) later this year. The tech giant reported a $322m (£248.65m) net loss in the nine months to September as costs spiked, down from $200m profit the previous year, the Wall Street Journal reported. Airbnb [...]